Saks Snags Neiman Marcus with $2.6B Amazon Boost

Saks Fifth Avenue’s parent company has completed a $2.65 billion purchase of Neiman Marcus, with significant help from Amazon.com Inc (NASDAQ:AMZN). The boards of both luxury department store chains have approved the acquisition, and an official announcement is anticipated soon.

As part of this deal, Amazon will hold a minority stake in the new entity, dubbed Saks Global. In addition to its financial investment, Amazon plans to enhance Saks Global’s operations with its technological and logistical expertise.

At this time, Amazon has not responded to requests for comments on the acquisition.